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News Releases

 

RBC Dain Rauscher to become RBC Wealth Management

Move to a single U.S. broker-dealer a win for RBC Wealth Management clients

MINNEAPOLIS, Minn., March 3, 2008 — As part of RBC's (Royal Bank of Canada: RY) global brand strategy, RBC Dain Rauscher today announced it has changed its brand name to RBC Wealth Management. RBC Wealth Management also introduced a new technology platform and announced the formation of a single U.S. broker-dealer that gives clients and employees increased access to the products and services from RBC's global network of financial solutions.

"Operating under our new brand name, RBC Wealth Management will continue to serve affluent and high net-worth clients in the United States," said John Taft, head of RBC U.S. Wealth Management. "As part of a single broker-dealer sharing the same technology platform as RBC Capital Markets, we will be able to offer our clients seamless access to RBC's capabilities and increase the range and breadth of the services we are able to provide."

In addition to the firm's new brand name, the legal entity name will change to RBC Capital Markets Corporation.

The integration creates a strong U.S. wealth management platform with a combined sales force of nearly 1,800 financial consultants and a network of 161 locations in 39 states, $141 billion of assets under administration and $130 billion of assets under management.

Said Mr. Taft, "RBC has significantly grown its U.S. business through acquisitions by hiring experienced, professional advisers and by helping them grow their businesses and better serve their clients. Today's move to a single broker-dealer allows us to continue our trajectory and client service more effectively than ever before."

About RBC Wealth Management
RBC Wealth Management directly serves affluent and high net worth clients in Canada, the United States, Latin America, Europe and Asia, and provides asset management and trust products and services through RBC and third-party distributors and has nearly $500 billion of assets under administration, more than $160 billion of assets under management and more than 3,600 financial consultants, advisors, private bankers and trust officers. RBC Wealth Management, a wholly owned subsidiary of Royal Bank of Canada, is one of the largest full-service securities firms in the U.S. The company serves individual investors and businesses through offices coast-to-coast, and capital markets and correspondent clients in select U.S. and international markets. Founded in 1909, RBC Wealth Management is a member of the New York Stock Exchange and other major securities exchanges, as well as the Securities Investor Protection Corp.

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Media contacts:

U.S.
John Bousquet, RBC, 612-371-2225
Loretta Healy, The Hubbell Group, (781) 878-8882, lhealy@hubbellgroup.com

Canada
Beja Rodeck, RBC, 416-974-5506


 



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03/03/2008 14:13:26